EIOPA consults on technical advice for the review of the IORP II Directive

The European Insurance and Occupational Pensions Authority (EIOPA) launched a public consultation on draft technical advice for the review of the IORP II Directive.
The draft advice is given in response to a call for advice from the European Commission.
The consultation covers the following areas:
+ Governance and prudential standards
+ Cross-border activities and transfers
+ Information to members and beneficiaries and other business conduct requirements
+ Shift from defined benefit to defined contributions
+ Sustainability
+ Diversity and inclusion
The paper explores several options to enhance proportionality in the IORP II Directive, with a focus on liquidity risk, conflict of interest, effective use of data, and standardised risk assessment.
The consultation paper’s draft guidance aims to ensure that the legal framework is updated as needed to embrace the future, such as the move from defined benefits to defined contributions and the problems of climate change. At the same time, the proposed advise seeks to safeguard the legacy by addressing issues like as risk assessment and liquidity risks.